AzerGold estimates investment in preparations to develop Akba deposit in Uzbekistan at $108 mln
BAKU. Oct 23 (Interfax) - Investments in geological exploration and development of the Akba gold mine in Uzbekistan's Kashkadarya region could reach at least $107.8 million, Azerbaijan's AzerGold said in a statement.
The final investment decision (FID) for this project is due in 2028.
The company said that strengthening the Azerbaijani-Uzbek strategic partnership and expanding bilateral economic cooperation was discussed during a meeting with foreign investors as part of Uzbek President Shavkat Mirziyoyev's working visit to the Kashkadarya region.
AzerGold CEO Zakir Ibrahimov reported on the activities of the company's first foreign subsidiary, AzerGold Uzbekistan LLC, registered in Uzbekistan, as well as on the prospects for the Akba gold mine development project in the Kashkadarya region.
He said $7.8 million would be invested in the initial stage of the project for preparatory and additional geological exploration. Investments in subsequent stages of the mine's development will be at least $100 million.
The project has the potential to create up to 200 new jobs.
The FID is scheduled for 2028. Preliminary estimates of investment volumes, production figures and employment opportunities will be adjusted, based on the results of additional geological exploration, mineral resource assessments, technical and economic analysis and the design process.
AzerGold said the project would expand cooperation between Azerbaijan and Uzbekistan in the mining sector, the efficient use of mineral resources and the development of mutual investment. It will also enable the company to expand its international operations and apply its expertise in foreign markets.
The company recalled that a document defining the main terms of three-party cooperation was signed on July 17, 2026, between AzerGold, JSC Uzbekgeologorazvedka, and the Azerbaijan-Uzbekistan Investment Company for the purpose of conducting geological exploration at promising mineral deposits in Uzbekistan. Preparations are underway for geological exploration at sites between the cities of Navoi and Nurata. The parties are also discussing possible joint exploration and development of other promising mineral deposits located in Azerbaijan and Uzbekistan.
AzerGold was established by a presidential decree dated February 11, 2015. It prospects, explores, develops and operates gold and iron ore deposits.
